Saturday, Feb 23, 2008
A billion here a billion there and soon you run out of money!
Telegraph: Citigroup facing further big write-downs
Citigroup is facing further financial write-downs after revealing it has an exposure of $4bn (£2.03bn) to the troubled bond insurance sector and has been forced to move a $10bn hedge fund on to its balance sheet after significant losses. They must be keeping their fingers cross in the hope the bond insurance companies are rescued! The banking conglomerate also warned that further deterioration in the US housing market could lead to further write-downs in its sub-prime and leveraged loan books.
Posted by who stole my pension? @ 05:15 AM (357 views) Add Comment
2 Comments
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1. whiteknight said...
Anybody keeping up to date with it all?
I must admit the way this is all reported - it needs drawing together - in a grid.
I saw somebody diligently attempting to do this in the "early days".
I have to do a double take sometimes. Is this a new $x billion or the same $x billion pre-announced last week etc.?
2. crash bandicoot said...
The figure I have seen on this website for total exposure to all of this financial junk is $500 billion. On past evidence I am more prepared to believe this rather than anything quoted in more mainsream media.